If a condominium project contains any convertible land or is an expandable condominium, then the declaration may not allocate undivided interests in the common areas and facilities on the basis of par value unless the declaration:
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Terms Used In Utah Code 57-8-13.10
Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
association: means all of the unit owners:
(a)
acting as a group in accordance with the declaration and bylaws; or
(b)
organized as a legal entity in accordance with the declaration. See Utah Code 57-8-3
Condominium: means the ownership of a single unit in a multiunit project together with an undivided interest in common in the common areas and facilities of the property. See Utah Code 57-8-3
Condominium plat: means a plat or plats of survey of land and units prepared in accordance with Section 57-8-13. See Utah Code 57-8-3
Condominium project: means a real estate condominium project; a plan or project whereby two or more units, whether contained in existing or proposed apartments, commercial or industrial buildings or structures, or otherwise, are separately offered or proposed to be offered for sale. See Utah Code 57-8-3
Contractible condominium: means a condominium project from which one or more portions of the land within the project may be withdrawn in accordance with provisions of the declaration and of this chapter. See Utah Code 57-8-3
Convertible land: means a building site which is a portion of the common areas and facilities, described by metes and bounds, within which additional units or limited common areas and facilities may be created in accordance with this chapter. See Utah Code 57-8-3
Convertible space: means a portion of the structure within the condominium project, which portion may be converted into one or more units or common areas and facilities, including limited common areas and facilities in accordance with this chapter. See Utah Code 57-8-3
Declarant: means all persons who execute the declaration or on whose behalf the declaration is executed. See Utah Code 57-8-3
Declaration: means the instrument by which the property is submitted to the provisions of this act, as it from time to time may be lawfully amended. See Utah Code 57-8-3
Expandable condominium: means a condominium project to which additional land or an interest in it may be added in accordance with the declaration and this chapter. See Utah Code 57-8-3
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Leasehold condominium: means a condominium project in all or any portion of which each unit owner owns an estate for years in his unit, or in the land upon which that unit is situated, or both, with all those leasehold interests to expire naturally at the same time. See Utah Code 57-8-3
Limited common areas and facilities: means those common areas and facilities designated in the declaration as reserved for use of a certain unit or units to the exclusion of the other units. See Utah Code 57-8-3
Management committee: means the committee as provided in the declaration charged with and having the responsibility and authority to make and to enforce all of the reasonable rules covering the operation and maintenance of the property. See Utah Code 57-8-3
Par value: means a number of dollars or points assigned to each unit by the declaration. See Utah Code 57-8-3
Unit: includes one or more rooms or spaces located in one or more floors or a portion of a floor in a building. See Utah Code 57-8-3
(a)
prohibits the creation of any units not substantially identical to the units depicted on the condominium plat recorded pursuant to Subsection 57-8-13(1); or
(b)
prohibits the creation of any units not described under Subsection 57-8-10(3)(a)(vii) in the case of convertible land, Subsection 57-8-10(4)(a)(xii) in the case of additional land, and contains from the outset a statement of the par value that shall be assigned to every unit that may be created.
(2)
(a)
Interests in the common areas and facilities may not be allocated to any units to be created within any convertible land or within any additional land until a condominium plat depicting the same is recorded pursuant to Subsection 57-8-13(2).
(b)
Simultaneously with the recording of the supplemental condominium plat required under Subsection (2)(a), the declarant shall execute and record an amendment to the declaration which reallocates undivided interests in the common areas and facilities so that the units depicted on the supplemental condominium plat shall be allocated undivided interests in the common areas and facilities on the same basis as the units depicted on the condominium plat that was recorded simultaneously with the declaration pursuant to Subsection 57-8-13(1).
(3)
If all of a convertible space is converted into common areas and facilities, including limited common areas and facilities, then the undivided interest in the common areas and facilities appertaining to the convertible space shall afterward appertain to the remaining units and shall be allocated among them in proportion to their undivided interests in the common areas and facilities. The principal officer of the unit owners’ association or of the management committee, or any other officer specified in the declaration, shall immediately prepare, execute, and record an amendment to the declaration reflecting the reallocation of undivided interest produced by the conversion.
(4)
(a)
If the expiration or termination of any lease of a leasehold condominium causes a contraction of the condominium project which reduces the number of units, or if the withdrawal of withdrawable land of a contractible condominium causes a contraction of the condominium project which reduces the number of units, the undivided interest in the common areas and facilities appertaining to any units so withdrawn shall afterward appertain to the remaining units, being allocated among them in proportion to their undivided interests in the common areas and facilities.
(b)
The principal officer of the unit owners’ association or of the management committee, or any other officer specified in the declaration shall immediately prepare, execute, and record an amendment to the declaration, reflecting the reallocation of undivided interests produced by the reduction of units.
